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domenica 8 giugno 2014

Prosecutors ask seven years for former MPS chairman Mussari

Former GM, finance chief face six in alleged bank fraud

(ANSA)
- Siena, June 6 - Prosecutors on Friday asked judges to convict and
sentence Giuseppe Mussari, the former chairman at troubled Italian
bank Monte dei Paschi di Siena (MPS), to seven years in prison for
fraud. They then asked for six years in prison for former general
manager Antonio Vigni and former chief of finance Gianluca
Baldassarri. MPS has also been at the center of a judicial
investigation into its acquisition of smaller rival Antonveneta in
2008 as well as the derivatives trades the bank allegedly used to
conceal losses.

The
three are accused of market manipulation, false statements to the
market and regulatory obstruction in relation to the Antonveneta deal
and the derivatives trades. MPS recapitalized in 2012 and again in
January 2013 when news circulated that top management had entered
into secret derivatives contracts with Deutsche Bank and Nomura in
order to hide estimated losses of between 500 million euros and 750
million euros in two of its divisions.